SALE OF CLAIMS AGREEMENT between BC FUNDING …

The Central 96 Rivonia Road Docex 111 Sandton [email protected] Sandton 2196 Johannesburg South Africa Tel +27 11 535 8000 www.werksmans.com Private Bag 10015 Sandton 2146 Fax +27 11 535 8600

POWERED WEALTH Cash custodian code: _________ (for office use only)

Initial

SALE OF CLAIMS AGREEMENT

between

BC FUNDING SOLUTIONS PROPRIETARY LIMITED

and

THE PURCHASER LISTED IN Annexure A

D702

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TABLE OF CONTENTS 1 INTERPRETATION AND DEFINITIONS ......................................... 3

2 INTRODUCTION AND RECORDAL ............................................... 10

3 SALE AND PURCHASE OF SALE CLAIMS ...................................... 11

4 PAYMENT OF PURCHASE PRICE ................................................. 11

5 CLOSING ................................................................................... 11

6 OWNERSHIP, BENEFIT AND RISK .............................................. 12

7 INTEREST AND CAPITAL REPAYMENTS AND MANAGEMENT OF FUNDS ....................................................................................... 12

8 ACKNOWLEDGEMENT BY PURCHASER ........................................ 12

9 GRANT OF AUTHORITY BY PURCHASER ..................................... 14

10 SPLITTING OF SALE CLAIMS ...................................................... 15

11 REPRESENTATIONS AND WARRANTIES ..................................... 17

12 CONFIDENTIALITY .................................................................... 17

13 BREACH ..................................................................................... 18

14 DOMICILIUM AND NOTICES ...................................................... 19

15 DISPUTES .................................................................................. 20

16 GOVERNING LAW ...................................................................... 21

17 SEVERABILITY ........................................................................... 22

18 CESSION, DELEGATION AND ASSIGNMENT ................................ 22

19 GENERAL ................................................................................... 22

20 COSTS ....................................................................................... 23

ANNEXURES ANNEXURE A - PARTICULARS OF AGREEMENT

ANNEXURE B - COMMUNITY SCHEMES AND / OR ARREAR LEVY DEBTORS

ANNEXURE C - COMMUNITY SCHEMES AND/OR ARREAR LEVY DEBTORS AND PURCHASE

PRICE OF SALE CLAIMS

ANNEXURE D - FORM OF SPECIAL POWER OF ATTORNEY

ANNEXURE E - ILLUSTRATIVE EXAMPLE OF DEFAULT RATE CALCULATION

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SALE OF CLAIMS AGREEMENT

between

BC FUNDING SOLUTIONS PROPRIETARY LIMITED

and

THE PURCHASER LISTED IN Annexure A

1 INTERPRETATION AND DEFINITIONS

In this Agreement, clause headings are used for convenience only and not in its

interpretation and, unless the context clearly indicates a contrary intention, -

1.1 a word or an expression that denotes -

1.1.1 any gender, includes the other genders;

1.1.2 the singular, includes the plural and vice versa; and

1.1.3 a natural person, includes an artificial or juristic person and vice versa;

1.2 the following words and expressions, unless otherwise stated or clearly

inconsistent with the context in which they appear, have the following meanings,

and other words and expressions derived from the same origins as those words

and expressions (that is, cognate words and expressions) have corresponding

meanings, -

1.2.1 "Affiliate" - in relation to a person, -

1.2.1.1 any other company that is its Subsidiary, its Holding Company or

another Subsidiary of its Holding Company; and / or

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1.2.2 any other Person over which, or over the management of which, Control is

exercised directly or indirectly by persons who also exercise Control directly

or indirectly over it or its management;

1.2.3 "Agreement" - this document, together with its annexures, each as

amended or replaced from time to time;

1.2.4 "Applicable Laws" - in relation to a person, includes all and any -

1.2.4.1 statutes and subordinate legislation and common law;

1.2.4.2 regulations;

1.2.4.3 ordinances and by-laws;

1.2.4.4 circulars, codes of practice, directives, guidance notices, judgments

and decisions of any competent authority or any governmental,

intergovernmental or supranational agency, body, department or

regulatory, self-regulatory or other authority or organisation; or

1.2.4.5 other similar provisions,

from time to time, compliance with which is mandatory for that person;

1.2.5 "Arrear Levy Debtor" - a Sectional Title unit owner and / or member of a

Body Corporate who is in arrears with levies owed to the Body Corporate

in terms of Applicable Laws and / or a unit owner and / or property owner

and / or member of a Homeowners Association who is in arrears with levies

owed to the Homeowners Association in terms of constitutional and / or

governance documentation of the Homeowners Association, and for which

the Seller has acquired the Ceded Right to the Underlying Claim; and

"Arrear Levy Debt" has a corresponding meaning;

1.2.6 "Body Corporate" - each body corporate listed in Annexure B, together

with any new and / or other body corporate against which any Sale Claims

are acquired and / or purchased after the Effective Date;

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1.2.7 "Business Day" - any day other than a Saturday, a Sunday or an official

public holiday in South Africa;

1.2.8 "Ceded Right" - in respect of any Underlying Claim, the right of the Seller

to collect that Underlying Claim (whether by way of legal process or

otherwise), which the Seller is selling to the Purchaser in terms of this

Agreement;

1.2.9 "Collections" - any and all recovery action, including legal action taken

against a Community Scheme and / or Arrear Levy Debtor in order to

collect any Indebtedness; and "Collect" has a corresponding meaning;

1.2.10 "Community Scheme" - each community scheme (as this term is defined

in section 1 of the Community Schemes Ombud Services Act No 9 of 2011)

listed in Annexure B, together with any new and / or other community

scheme against which any Sale Claims are acquired and / or purchased

after the Effective Date;

1.2.11 "Companies Act" - the Companies Act No. 71 of 2008;

1.2.12 "Control" - is construed in accordance with section 2(2) (as read with

section 3(2)) of the Companies Act, as amended; and "Controls" and

"Controlled" have corresponding meanings;

1.2.13 "Default Rate" - a rate equal to the Interest Rate minus 4%;

1.2.14 "Effective Date" - the date in each month on which any set of Sale Claims

is acquired, being -

1.2.14.1 in respect of the First Effective Date, the date specified as such

in Annexure A;

1.2.14.2 in respect of any subsequent month, the [first] Business Day of that

month; and

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1.2.14.3 in respect of the last Effective Date, the [first] Business Day of the

month in which the Purchaser has purchased ad paid for its 60th set

of Sale Claims;

1.2.15 "Encumbrance" - includes any mortgage bond, notarial bond, pledge,

lien, hypothecation, assignment, cession in securitatem debiti, deposit by

way of security, option over, right of retention over, right of first refusal,

restraint on alienation or any other agreement, arrangement or obligation

(whether or not conditional) which has or will have the effect of giving to

one person a security interest in, or preferential treatment in respect of,

another person's assets, but excludes statutory preferences; and

"Encumber" has a corresponding meaning;

1.2.16 "Homeowners Association" - each homeowners and / or property

owners' association listed in Annexure B, together with any new and / or

other homeowners' association that is the original creditor of any Sale

Claim acquired and / or purchased after the Effective Date;

1.2.17 "Indebtedness" - the sum of all Sale Claims of the Purchaser, together

with any interest, fees and any additional amounts payable on or in respect

of the Sale Claims, all as reduced from time to time by any payments made

by the Community Scheme and / or Arrear Levy Debtor to the Purchaser

pursuant to the implementation of this Agreement;

1.2.18 "Independent Cash Custodian Account" - the independent cash

custodian account held by GAEL Fund Services (Pty) Ltd (registration

number 2016/446917/07), having the following details -

Account Holder Name GAEL Cash Management (Pty) Ltd - Powered

Wealth

Bank First National Bank Limited

Account Number 6250 4646 566

Branch Code 204 109 (RMB Corporate Banking, Cape

Town)

Reference

D702 (D Soobramoney)

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1.2.19

1.2.20

1.2.21

1.2.22

1.2.23

1.2.24

1.2.25

"Interest Rate" - interest on the sum of the Sale Claims due to the

Purchaser, from the Effective Date, at the Prime Rate plus 5.0% per

annum, calculated monthly in arrears (total interest earned by the

Purchaser as at the Signature Date is equal to the Prime Rate

(being 7%) + 5% = 12% per annum);

"Levy" or "Levies" - the contribution/s, including any and all additional

charges and fees, owed by an Arrear Levy Debtor either to a Community

Scheme in terms of section 3(1)(c) of the Sectional Titles Schemes

Management Act No 8 of 2011 for Bodies Corporate or to a Homeowners

Association in terms of the constitutional and / or governance

documentation of that Homeowners Association, as the case may be;

"Levy Guarantee Insurance Policy" - an insurance policy entered into

between a Community Scheme and an insurer in terms of which, amongst

other things, certain Arrear Levy Debts are guaranteed for payment by the

insurer to the Community Scheme if certain events arise from time to time,

and in exchange for which the insurer takes subrogation of the right to

recover the Arrear Levy Debts for its own account;

"Loan" - the loan advanced (or deemed to have been advanced) by the

Seller to a Community Scheme in terms of a Loan Agreement;

"Loan Agreement" - each written loan agreement concluded or to be

concluded between each Community Scheme (as borrower) and the Seller

(or any other person from whom the Seller acquired the Sale Claims) (in

each case, as lender) on or about the Signature Date;

"Memorandum of Understanding" the memorandum

of understanding signed by the Purchaser on ________________

prior to the signature of this Agreement;

"Other Community Scheme Creditor Claims" - claims held by any

third-party creditors against Community Schemes for any products or

services provided to such Community Schemes, such as, but not limited

to, electricity, legal fees and any other associated Community Scheme debt

15th September 2021

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owing to such creditor, pursuant to such Other Community Scheme

Creditor Contracts;

1.2.26 "Other Community Scheme Creditor Contract" - each written

agreement concluded or to be concluded between each Community

Scheme (as debtor) and any third party creditor (in each case, as creditor)

which gives rise to one or more Other Community Scheme Creditor Claims;

1.2.27 "Parties" - collectively, the Seller and the Purchaser; and "Party" means

either of them, as the context may require;

1.2.28 "Personal Information" – personal information as defined in section 1 of

the Protection of Personal Information Act, 4 of 2013;

1.2.29 "Period" - the number of months (commencing in the month in which the

first Effective Date falls) specified as such in Annexure A;

1.2.30 "Prime Rate" - the publicly quoted prime rate of interest of First Rand

Bank Limited, from time to time, on the basis that interest is calculated

daily, compounded monthly in arrears and calculated on a 365-day year,

irrespective of whether or not the year in question is a leap year, and as

certified by any manager of First Rand Bank Limited whose appointment,

authority and designation it is not necessary to prove;

1.2.31 "Process" - refers to the processing of Personal Information as

contemplated in section 1 of the Protection of Personal Information Act, 4

of 2013;

1.2.32 "Purchase Price" - the total value of Sale Claims which the Purchaser has

agreed to purchase in each month, being comprised of the amounts

specified as such in Annexure C;

1.2.33 "Purchaser" - has the meaning given to this term in Annexure A;

1.2.34 "R" or "ZAR" - South African Rand, being the lawful currency of South

Africa;

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1.2.35 "Sale Claims" - has the meaning given to this term in Annexure A;

1.2.36 "Seller" - BC Funding Solutions Proprietary Limited (registration

number 2007/020914/07), a private company duly incorporated and

registered in accordance with the laws of South Africa, and a Registered

Credit Provider NCRCP 11132;

1.2.37 "Signature Date" - when this Agreement has been signed by both Parties

(whether or not in counterpart), the latest of the dates on which this

Agreement (or any counterpart) was signed by either Party;

1.2.38 "South Africa" - the Republic of South Africa; and

1.2.39 "Underlying Claim" - a claim against an Arrear Levy Debtor for the right

to recover all amounts under or in terms of the Levy Guarantee Insurance

Policy(ies) entered into with the Community Schemes, as listed

in Annexure A, together with any collection and legal costs, expenses, fees

and / or interest at the Interest Rate thereon;

1.3 the terms "Holding Company" and "Subsidiary" have the meanings given to

them in the Companies Act;

1.4 any reference to any statute, regulation or other legislation is a reference to that

statute, regulation or other legislation as at the Signature Date and as amended

or substituted from time to time;

1.5 any reference to any agreement, certificate, deed, document or instrument is a

reference to that agreement, certificate, deed, document or instrument as

amended, reinstated or replaced (including by novation) from time to time;

1.6 if any provision in a definition is a substantive provision conferring a right or

imposing an obligation on either Party, then, notwithstanding that it is only in a

definition, the Parties shall give effect to that provision as if it were a substantive

provision in the body of this Agreement;

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1.7 where any term is defined within a particular clause other than this 1, that term

has the meaning given to it to it in that clause wherever it is used in this

Agreement;

1.8 where any number of days is to be calculated from a particular day, that number

is calculated by excluding that particular day and commencing on the next day.

If the last day of the number to be so calculated falls on a day that is not a

Business Day, the last day is deemed to be the next succeeding Business Day;

1.9 any reference to days (other than a reference to Business Days), months or

years is a reference to calendar days, months or years, as the case may be;

1.10 the cancellation, expiration or termination of this Agreement will not affect those

provisions of this Agreement that expressly provide that they will operate after

any such cancellation, expiration or termination, or which must necessarily

continue to have effect after such cancellation, expiration or termination,

notwithstanding that the clauses themselves do not expressly provide for such

continuity;

1.11 the use of the words "including", "includes" or "include", followed by a

specific example/s, does not limit the meaning of the general wording preceding

the example/s, and the rule that words of the same kind are interpreted the

same way (that is, the eiusdem generis rule) does not apply to the interpretation

of that general wording or those specific examples; and

1.12 the terms of this Agreement having been negotiated and drafted for the benefit

of both Parties, the rule of construction that a contract is interpreted against the

Party responsible for the drafting and / or preparation thereof (that is, the

contra proferentem rule) does not apply.

2 INTRODUCTION AND RECORDAL

2.1 The Parties record that -

2.1.1 the Seller is the owner of the Sale Claims, or the duly authorised

representative of the owner of the Sale Claims; and

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2.1.2 the Purchaser wishes to acquire the Sale Claims and the Seller is willing to

sell the Sale Claims to the Purchaser in accordance with the provisions of

this Agreement.

2.2 Accordingly, the Parties agree as follows.

3 SALE AND PURCHASE OF SALE CLAIMS

The Seller shall (and hereby irrevocably undertakes to) sell and cede to the

Purchaser, which shall (and hereby irrevocably undertakes to) purchase and accept

the cession from the Seller of, Sale Claims to the value of the Purchase Price, for the

Purchase Price, with effect from the Effective Date in each month for the Period.

4 PAYMENT OF PURCHASE PRICE

4.1 The Purchaser shall pay the Purchase Price for each set of Sale Claims to the

Seller on the relevant Effective Date in immediately available cash, without any

deduction, set-off or withholding of any nature whatsoever, by way of electronic

funds transfer, into the Independent Cash Custodian Account. To this end and

without derogating from the forgoing, the Purchaser hereby authorises the Seller

to withdraw, as a monthly debit order, from a bank account nominated by the

Purchaser in writing from time to time for this purpose, the Purchase Price for

each set of Sale Claims in each month during the Period.

4.2 If the Purchase Price or any portion thereof is not paid on any Effective Date,

then the outstanding amount of all Sale Claims will bear interest at the Default

Rate from that Effective Date to the date of remedy of the breach of default in

full (both dates inclusive). An illustrative example of this adjustment is contained

in Annexure E.

5 CLOSING

5.1 Against receipt by the Seller of the full amount of the Purchase Price for each

set of Sale Claims in each month into the Independent Cash Custodian Account,

the relevant Sale Claims are hereby ceded by the Seller to the Purchaser on

(and, if necessary, with retrospective effect from) the relevant Effective Date

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without the need for the signature or delivery of any further documents or

instruments.

5.2 The Parties undertake reciprocally in favour of each other to sign, or cause to

be signed, all such documents and instruments, and to do, or cause to be done,

all such further things, and to vote, or cause to be voted, where it is within their

power to do so, in favour of all such resolutions as are reasonably required to

give effect to this Agreement.

6 OWNERSHIP, BENEFIT AND RISK

Ownership of, all risk in, as well as the benefit attaching to, each set of Sale Claims

will pass from the Seller to the Purchaser with (retrospective, if necessary) effect

from the Effective Date in each month, against compliance by the Purchaser with its

obligations in 4.1.

7 INTEREST AND CAPITAL REPAYMENTS AND MANAGEMENT OF FUNDS

7.1 Interest on the Sale Claims is calculated monthly and is to be paid to the

Purchaser by or on behalf of the relevant Community Scheme and / or Arrear

Levy Debtor, and is to be paid with the capital amounts, in terms of the relevant

agreement under which the relevant Sale Claims are created, as and when the

Community Scheme repays the Loan and / or the Arrear Levy Debtor settles

his / her / its Arrear Levy Debt.

7.2 The management of funds is facilitated by GAEL Fund Services (Pty) Ltd

(registration number 2016/446917/07) ("GAEL"). Neither the Seller nor any

Affiliates of the Seller handle client funds, but may receive payments, via GAEL,

from the sale of any Sale Claims from time to time if any amounts are due and

owing to the Seller or any Affiliates of the Seller.

8 ACKNOWLEDGEMENT BY PURCHASER

The Purchaser hereby acknowledges and agrees that -

8.1 notwithstanding the sales and cessions contemplated in this Agreement, the

repayment and / or payment obligations of the Community Scheme and / or

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Arrear Levy Debtor pursuant to the agreement under which the relevant Sale

Claims are created remain unchanged;

8.2 the Sale Claims are repaid as and when the Community Scheme or any other

party recovers its Arrear Levy Debts from any Arrear Levy Debtors in terms of

the Applicable Law and / or constitutional and / or governance documentation

and / or the Arrear Levy Debtor settles his / her / its Arrear Levy Debt. Any

repayments made by the Community Scheme and / or Arrear Levy Debtor shall

first be applied towards interest and fees, and then to the reduction of capital;

8.3 he / she / it is only entitled to claim or recover the capital amount constituting

the Purchase Price for any Sale Claims, together with any interest at the Interest

Rate (or Default Rate, if applicable) which accrues thereon (subject to the

maximum rate of interest referred to in 8.4). The Seller or its Affiliates and

representatives are entitled to (and will) retain all other amounts Collected on

behalf of the Purchaser in connection with the Sale Claims, notwithstanding that

these amounts may form part of the Sale Claims;

8.4 he / she / it is not entitled to earn more than a maximum interest rate of 20% of

the funds used to acquire any Sale Claims, and hereby waives any claim or right

to any interest in excess of this rate notwithstanding that the relevant

agreement under which the relevant Sale Claims are created may provide for a

higher interest rate that is payable by the Community Schemes / Arrear Levy

Debtors;

8.5 to the full extent permitted by Applicable Law, it is purchasing all Sale Claims

"voetstoots" (that is, on an "as is" basis), without any representation or

warranties from the Seller whatsoever. Accordingly, the Purchaser agrees that

it has and will have no claims of any nature whatsoever against the Seller

and / or its Affiliates if it is, for any reason whatsoever, not able to recover any

part of the sum owing in terms of this Agreement and or any agreement under

which the relevant Sale Claims were created;

8.6 the Seller and any Affiliate of the Seller or their respective duly authorised

representatives will Process his/ her/ its Personal Information in order to

perform and comply with its obligations under this Agreement and in terms of

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the Applicable Laws. The Seller will take all reasonable and practicable steps to

secure this Personal Information; and

8.7 notwithstanding the cancellation, expiration or termination of this Agreement

the Seller and any Affiliate of the Seller or their respective duly authorised

representatives will retain such Personal Information for as long as is necessary

including to the extent required by the Seller to perform in terms of this

Agreement, to perform in respect of the Sale Claims and as required in terms of

the Applicable Laws

9 GRANT OF AUTHORITY BY PURCHASER

9.1 The Purchaser hereby grants the Seller and any Affiliate of the Seller or their

respective duly authorised representatives the exclusive authority to act on

his / her / its behalf in respect of the Collection of all arrear or outstanding

monies due from a Community Scheme and / or Arrear Levy Debtor and to sign

all documents and to do all things necessary for the successful Collection of the

Sale Claims, to the exclusion of the Purchaser (to the extent permissible in

Applicable Law).

9.2 It is recorded, for the avoidance of any doubt, that the grant of this authority

does not constitute an instruction to the Seller or any Affiliate of the Seller, and

places no obligation on the Seller or any Affiliate of the Seller, to take any action

in connection with the Collection of all or any of the Sale Claims. The Seller or

an Affiliate of the Seller has appointed or will appoint a third party to Collect the

Sale Claims and the Seller is only responsible in terms of this Agreement for

monitoring this third party in terms of the written service level agreement

between the Seller or an Affiliate of the Seller and the relevant third party. The

Purchaser has and will have no claim against the Seller or any Affiliate of the

Seller arising out of the appointment of any particular third party service

provider and / or the failure of this service provider to recover all or any part of

the Sale Claims in performing its functions to the Seller or any Affiliate of the

Seller.

9.3 The Purchaser represents, warrants and undertakes to the Seller that, if, at any

point in time during the course of this Agreement, a dispute arises between a

Community Scheme and / or an Arrear Levy Debtor, on the one hand, and the

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Purchaser, on the other, including a dispute regarding the repayment by the

Community Scheme and / or Arrear Levy Debtor of any Sale Claims, the sale

and cession of any Sale Claims and / or any other form of type of dispute, then -

9.3.1 the Seller may (in its absolute discretion), but is not obliged, defend any

claims brought against the Purchaser by the Community Scheme and / or

Arrear Levy Debtor, acting in the name of the Purchaser;

9.3.2 the Purchaser, to the extent that it is able to do so, will assist the Seller in

defending any claims brought against the Purchaser by the Community

Scheme and / or Arrear Levy Debtor when requested by the Seller or any

Affiliate of the Seller to do so; and

9.3.3 to the extent that any monies are received by the Seller from the

Community Scheme and / or Arrear Levy Debtor in terms of the

agreement(s) under which the relevant Sale Claims are created, as a result

of litigation between the Community Scheme and / or Arrear Levy Debtor

and the Purchaser, then such monies will be paid to the Purchaser within

30 days of receipt thereof.

9.4 The Purchaser hereby represents and warrants that should he/she be married

in community of property, that he/she has, where necessary, obtained the

consent of his/her spouse as required by section 15 of the Matrimonial Property

Act 88 of 1984, prior to signing this Agreement and the Memorandum of

Understanding.

9.5 The Purchaser hereby grants the Seller and any Affiliate of the Seller or their

respective duly authorised representatives, the authority to Process his / her /

its Personal Information by way of transborder server(s), if required.

10 SPLITTING OF SALE CLAIMS

10.1 For the avoidance of any doubt, it is recorded and agreed that the sale and

cession of the Sale Claims contemplated in this Agreement may not constitute

the sale and / or cession of all of the amounts owed by the Community Scheme

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and / or Arrear Levy Debtor to the Seller in terms of the agreement(s) under

which the relevant Sale Claims are created and, in this regard, -

10.1.1 independent third party purchaser/s may purchase the claims relating to

the balance of the amounts owing by the Community Scheme and / or

Arrear Levy Debtor to the Seller in terms of the agreement(s) under which

the relevant Sale Claims are created; and / or

10.1.2 the Seller is entitled to retain its claims to all or a portion of the balance of

such amounts owing by the Community Scheme and / or Arrear Levy

Debtor to the Seller in terms of the agreement(s) under which the relevant

Sale Claims are created.

10.2 Any claims acquired by other independent third party purchaser/s and / or

retained by the Seller, as contemplated in 10.1, rank pari passu to the relevant

Sale Claims.

10.3 All repayments made by the Community Scheme and / or Arrear Levy Debtor in

terms of the agreement(s) under which the relevant Sale Claims are created will

be distributed by the Seller from the Independent Cash Custodian Account in

proportion to the relevant Sale Claims, which proportional amount (as

determined by the Seller in its absolute discretion) will be paid forthwith to the

Purchaser into the Purchaser's Account.

10.4 Any repayment made by the Community Scheme and / or Arrear Levy Debtor

in terms of agreement(s) under which the relevant Sale Claims are created

which is less than R1,000 may not be distributed to each purchaser, or beneficial

owner, of the relevant Sale Claims in proportion to their ownership of the

relevant claim/s, and may only be distributed to one or a few such purchasers

or beneficial owners in the pursuit of administrative effectiveness and fairness.

The Seller undertakes to ensure that, if multiple small payments of less

than R1,000 are paid by the Community Scheme and / or Arrear Levy Debtor,

it authorises distribution of such payment down the line of purchasers or

beneficial owners, with those whose funds were deployed first receiving

payment earlier than those whose funds were deployed later.

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11 REPRESENTATIONS AND WARRANTIES

The Seller hereby represents and warrants to and in favour of the Purchaser that -

11.1 the Seller is the owner, or the duly authorised representative of the owner, of

each of the Sale Claims;

11.2 the Sale Claims will, when delivered in accordance with the provisions of 5.1, be

free from any Encumbrance of any nature whatsoever, whether registered or

otherwise, and ownership of the Sale Claims will pass to the Purchaser;

11.3 the Sale Claims are sold and ceded to the Purchaser in terms of this Agreement

free from all Encumbrances and claims of whatsoever nature; and

11.4 no person (other than the Purchaser) has or will have any right to acquire

(including any option or right of pre-emption) any of the Sale Claims.

12 CONFIDENTIALITY

Notwithstanding the cancellation, expiration or termination of this Agreement, neither

the Seller nor the Purchaser ("Receiving Party") shall, at any time after the

Signature Date, disclose to any person or use in any manner whatsoever any other

Party's Confidential Information or the existence and contents of this Agreement,

provided that -

12.1 the Receiving Party may disclose the disclosing Party's Confidential Information

and the existence and contents of this Agreement -

12.1.1 to the extent required by law (other than in terms of a contractual

obligation of the Receiving Party); and

12.1.2 to, and permit the use thereof by, its Affiliates and their respective

employees, representatives and professional advisors to the extent strictly

necessary for the purpose of implementing or enforcing this Agreement or

obtaining professional advice, it being specifically agreed that any

disclosure or use by any such Affiliate, employee, representative or

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professional advisor of such confidential or other information for any other

purpose will constitute a breach by the Receiving Party of this 12; and

12.2 the provisions of this 12 do not apply to any Confidential Information of either

Party that -

12.2.1 is or becomes generally available to the public, other than as a result of a

breach by the Receiving Party of its obligations in this 12;

12.2.2 is also received by the Receiving Party from a third party who did not

acquire such Confidential Information subject to any duty of confidentiality

in favour of the disclosing Party; or

12.2.3 was known to the Receiving Party prior to receiving it from the disclosing

Party.

"Confidential Information" of either Party means any information disclosed,

including but not limited to Personal Information, by that Party to the Receiving Party

prior to the conclusion of this Agreement, in terms of this Agreement or otherwise in

connection with this Agreement.

13 BREACH

If the provisions of 4.1 are breached, then (without derogating from any other right

or remedy available to the Seller) a reduction of the Interest Rate to the Default Rate

will automatically apply. There will be a reduction from the Interest Rate to the

Default Rate on all purchases made for each of the months in the period that the

Purchaser remains in breach (i.e. until the Purchaser has caught up its monthly

payment obligations, including (without limitation) in respect of the relevant months

in which no payment or a short payment was made).

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14 DOMICILIUM AND NOTICES

14.1 The Parties choose domicilium citandi et executandi ("Domicilium") for all

purposes relating to this Agreement, including the giving of any notice and the

serving of any process, at the physical addresses and e-mail addresses set out

below -

14.1.1 the Seller -

physical - Ground Floor, Block 3, Northdowns Office Park 17 Georgian Crescent Bryanston Johannesburg

e-mail - [email protected]

attention - Johnny Wates; and

14.1.2 the Purchaser -

the physical address and e-mail address set out in Annexure A.

14.2 Either Party is entitled from time to time, by giving written notice to the other,

to vary its physical Domicilium to any other physical address (not being a post

office box or poste restante) in South Africa and to vary its e-mail Domicilium

to any other e-mail address.

14.3 Any notice given or payment made by either Party to the other ("Addressee")

which is delivered by hand between the hours of 09:00 and 17:00 on any

Business Day to the Addressee's physical Domicilium for the time being will be

deemed to have been received by the Addressee at the time of delivery.

14.4 Any notice given by either Party to the other which is successfully transmitted

by e-mail to the Addressee's e-mail Domicilium for the time being will be deemed

(unless the contrary is proved by the Addressee) to have been received by the

Addressee on the date of successful transmission thereof or, if such date is not

a Business Day, on the next succeeding Business Day.

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14.5 This 14 does not operate so as to invalidate the giving or receipt of any written

notice which is actually received by the Addressee other than by a method

referred to in this 14.

14.6 Any notice in terms of or in connection with this Agreement is valid and effective

only if it is in writing and if it is received, or deemed to have been received, by

the Addressee.

15 DISPUTES

15.1 Any dispute (other than a dispute regarding a failure to pay any amount in terms

of this Agreement) will be finally resolved in accordance with the rules of the

Arbitration Foundation of Southern Africa ("AFSA") before one arbitrator

appointed by AFSA on the request of either Party. There is a right of appeal.

15.2 Each Party -

15.2.1 expressly consents to any arbitration in terms of the aforesaid rules being

conducted as a matter of urgency in accordance with the Expedited

Rules; and

15.2.2 irrevocably authorises the other Party to the dispute to apply, on behalf of

both Parties, in writing, to the secretariat of AFSA in terms of article 23 of

the aforesaid rules for any such arbitration to be conducted on an urgent

basis.

15.3 Any award or order that may be made by the arbitrator -

15.3.1 is final and binding on the Parties in the absence of clerical or manifest

error;

15.3.2 must be carried into effect by the Parties; and

15.3.3 may be made an order of any competent court by either of the Parties.

15.4 The arbitration will be held at a venue in Johannesburg and in accordance with

formalities and / or procedures determined by the arbitrator, and may be held

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in an informal and summary manner, on the basis that it is not necessary to

observe or carry out the usual formalities or procedures, pleadings and / or

discovery, or the strict rules of evidence.

15.5 For the purposes having any award or order made by the arbitrator being made

an order of court, or for the purposes of any dispute relating to an obligation to

pay money in terms of this Agreement, each of the Parties hereby submits itself

to the jurisdiction of the High Court of South Africa (Gauteng Local Division,

Johannesburg).

15.6 The hearing of the arbitration will be held in camera. Save to the extent strictly

necessary for the purposes of the arbitration or for any court proceedings related

thereto, neither Party shall disclose or permit to be disclosed to any person any

information concerning the arbitration or the award (including the existence of

the arbitration and all process, communications, documents or evidence

submitted or made available in connection therewith).

15.7 If the arbitrator's charges and any other costs have to be paid before the

arbitrator has made his award in respect of those charges and costs, the Seller

and the Purchaser shall bear and pay those charges and costs equally, pending

any determination as to liability therefor by the arbitrator, provided that the

Seller and the Purchaser are obliged to reimburse each other the amount of any

such charges and costs in accordance with (and as soon as reasonably possible

after) any determination as to their liability therefor is made by the arbitrator.

15.8 The provisions of this 15 do not preclude either Party from applying to court for

urgent relief on an interim or final basis.

15.9 This 15 is severable from the rest of this Agreement and will remain in full force

and effect notwithstanding any cancellation, expiration or termination of this

Agreement.

16 GOVERNING LAW

This Agreement will, in all respects (including its existence, validity, interpretation,

implementation, cancellation, expiration, termination and enforcement), be governed

by the laws of South Africa.

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17 SEVERABILITY

All provisions of this Agreement are, notwithstanding the manner in which they have

been grouped together or linked grammatically, severable from each other. Any

provision of this Agreement which is or becomes unenforceable, whether due to

voidness, invalidity, illegality, unlawfulness or for any other reason whatsoever, will,

only to the extent that it is so unenforceable, be treated as pro non scripto, and the

remaining provisions of this Agreement will remain of full force and effect. The Parties

declare that it is their intention that this Agreement would have been executed

without such unenforceable provision if they were aware of such unenforceability at

the time of execution hereof.

18 CESSION, DELEGATION AND ASSIGNMENT

18.1 The Purchaser is not entitled to cede, delegate or otherwise assign or transfer

any of its rights, obligations or interest in, under or in terms of this Agreement

to any third party without the prior written consent of the Seller.

18.2 The Seller is entitled to cede, delegate or otherwise assign or transfer any of its

rights, obligations or interest in, under or in terms of this Agreement to one or

more third parties without the prior written consent of the Purchaser. To the

extent necessary, the Purchaser hereby irrevocably and unconditionally

consents to the splitting of any claims and the delegation of any obligations

arising from any such cession, delegation and assignment or transfer.

19 GENERAL

19.1 This Agreement, read together with the Memorandum of Understanding signed

as a precursor to this Agreement, constitutes the sole record of the agreement

between the Parties in relation to the subject matter hereof. Neither Party is or

will be bound by any express, tacit or implied term, representation, warranty,

promise or the like not recorded herein or therein. This Agreement, read

together with the Memorandum of Understanding, accordingly supersedes and

replaces all prior commitments, representations or undertakings, whether oral

or written, between the Parties in respect of the subject matter hereof. In the

event of a conflict between the provisions of the Memorandum of Understanding

and this Agreement, this Agreement shall prevail.

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19.2 No addition to, variation, novation or agreed cancellation of, any provision of

this Agreement is or will be binding on the Parties unless reduced to writing and

signed by or on behalf of the Parties.

19.3 For the purposes of this Agreement, no data message, as defined in the

Electronic Communications and Transactions Act No 25 of 2002 ("ECTA"), other

than an e-mail or facsimile, constitutes writing.

19.4 No indulgence or extension of time which either Party ("Grantor") may grant to

the other, nor any election or failure by the Grantor to enforce, whether

completely or partially, or delay the enforcement of, any of its existing or future

rights, will constitute a waiver of, or, whether by estoppel or otherwise, limit

any of, the existing or future rights of the Grantor in terms hereof, save in the

event and to the extent that the Grantor has signed a written document

expressly waiving or limiting that right.

19.5 Without prejudice to any other provision of this Agreement, any

successor-in-title, including any business rescue practitioner, executor,

liquidator, sequestrator or trustee, of either Party will be bound by this

Agreement.

19.6 The signature by either Party of a counterpart of this Agreement is as effective

as if that Party had signed the same document as the other Party.

20 COSTS

Each Party shall bear and pay its own costs in relation to the negotiation, drafting,

finalisation and signing of this Agreement.

****SIGNATURE PAGE TO FOLLOW****

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Signed at _________________________ on _____________________________

for BC FUNDING SOLUTIONS PROPRIETARY LIMITED

who warrants that he is duly authorised hereto

Name:

Position:

Signed at _________________________ on _____________________________

for

who warrants that he / she is duly authorised hereto

Name:

Position:

for

Donovin Edgar Soobramoney

Preneshen Reddy

Director / Authorised Signatory

Director / Authorised Signatory


Wilgeheuwel 11th of October 2021

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ANNEXURE A PARTICULARS OF AGREEMENT

Purchaser Donovin Edgar Soobramoney

First Effective Date The date upon which the first Purchase Price

is debited on the Purchaser’s Account by the

Independent Cash Custodian (GAEL Fund

Services (Pty) Ltd (registration

number 2016/446917/07)).

Period 60 months

Purchaser's Account (which the

Purchaser hereby warrants as his / her /

its own bank account in / his / her/ its

own name / duly authorised bank

account, being the same bank account

from which the Purchase Price was paid

to the Seller)

Account Holder Name: D.E Soobramoney

Bank: FNB

Account Number: 62151019489

Branch Code: 250 655

Reference: D702 (D Soobramoney)

Purchaser's Domicilium Physical address: 71E Weaver Close

Olivedale Ext. 45

Johannesburg

Gauteng

2188

Email: [email protected]

Attention: Mr Donovin Edgar Soobramoney

Sale Claims Claims (capital, charges and costs and

interest) to the value of the combined

Purchase Price (as listed in Annexure C) in

each month, of the Seller against the

Community Scheme/s and / or Arrear Levy

Debtors, pursuant to a Loan Agreement

and / or Other Community Scheme Creditor

Contract and / or Levy Guarantee Insurance

Policy specific to the Community Schemes

and / or Arrear Levy Debtors listed in

Annexure C as at the Effective Date, and to all

other Community Schemes and / or Arrear

Levy Debtors which reflect on the Purchaser's

Statement received from the Seller from time

to time, which the Purchaser has agreed to

purchase from the Seller in each month for

the Period.

Purchase Price R 1 500.00 (One Thousand Five Hundred

Rand) in each month.

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ANNEXURE B COMMUNITY SCHEMES AND / OR ARREAR LEVY DEBTORS

NO. COMMUNITY SCHEMES

AND / OR ARREAR LEVY

DEBTORS

SCHEME / REGISTRATION

/ IDENTIFICATION

NUMBER

SITUATED AT

1. See separately attached selected Loan Agreements entered into and

identified, or to be entered into or identified, between the Community

Schemes and the Seller, or the Seller’s representative, in respect of the

Purchaser’s Sale Claims, as updated from time to time, the details of which

are specified on the Purchaser's web portal and client statement. (BC

Funding Solutions Arrear Levy Loan Assets).

Note: The composition of the table in this Annexure B is subject to change from time to time, as

reflected on the Purchaser's statement, as well as the inclusion of new Community Schemes and / or

Arrear Levy Debtors.

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ANNEXURE C COMMUNITY SCHEMES AND / OR ARREAR LEVY DEBTORS and purchase

price of sale claims

NO. COMMUNITY SCHEMES

AND / OR ARREAR LEVY

DEBTORS

SCHEME / REGISTRATION

/ IDENTIFICATION

NUMBER

PURCHASE PRICE

1. See separately attached selected Loan

Agreements entered into and identified, or to be

entered into or identified, between the Community

Schemes and the Seller, or the Seller’s

representative, in respect of the Purchaser’s Sale

Claims, as updated from time to time, the details

of which are specified on the Purchaser's web

portal and client statement. (BC Funding Solutions

Arrear Levy Loan Assets).

R 1 500.00 (One

Thousand Five Hundred

Rand)

Note: The composition of the table in this Annexure C is subject to change from time to time, as

reflected on the Purchaser's statement, as well as the inclusion of new Community Schemes

and / or Arrear Levy Debtors.

Powered by TCPDF (www.tcpdf.org)

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ANNEXURE D - FORM OF SPECIAL POWER OF ATTORNEY

SPECIAL POWER OF ATTORNEY

I, the undersigned, -

do hereby nominate, constitute, authorise and appoint -

BC Funding Solutions Proprietary Limited (registration number 2007/020914/07)

("Seller"), or any authorised director thereof, with the power of substitution to be my / our

lawful agent/s in my / our name, place and stead, in the Seller's sole and absolute

discretion, to -

1 facilitate the funds which the Purchaser has deposited into the Independent Cash

Custodian Account and wishes to utilise for the purchase of the Sale Claims, as

specified on the cover page of the Memorandum of Understanding, to directly

advance funds to purchase one or more of the Sale Claims on behalf of, and acting

in the name of, the Purchaser. To this end, the Seller is entitled to sign any Loan

Agreement(s) and / or Sale of Claims Agreement(s) (including, without limitation,

any addenda or reinstatement agreements and / or ancillary documents) on our

behalf, and acting in our name;

2 take any decision in terms of any Sale Claims on our behalf, and acting in our name,

it being recorded that a decision taken in accordance with the provisions of this 2 is

binding on us (notwithstanding that we may disagree with the decision in question or

may seek to instruct the Seller to act or decide differently) and we shall, where

relevant, implement such decision in accordance with our obligations under the

relevant agreement creating the Sale Claims or the instructions given by the Seller;

3 administer the Loan Agreement/s and Other Community Scheme Creditor Contracts

and Levy Guarantee Insurance Policies evidenced by the annexures attached hereto;

Donovin Edgar Soobramoney (Identity Number 770211 5132 080)

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4 monitor that all things necessary are being done by the appointed legal service

providers and collection agents, to recover the amounts due in terms of the Loan

Agreements and Other Community Scheme Creditor Contracts and Levy Guarantee

Insurance Policies, including, but not limited to, -

4.1 cancelling or causing the cancellation of the Loan Agreement/s and / or Other

Community Scheme Creditor Contract/s and / or Levy Guarantee Insurance

Policies;

4.2 monitoring legal service providers and collection agents who have been

instructed to institute legal action for the recovery of the debt due in terms of

the Loan Agreement/s and / or Other Community Scheme Creditor Contract/s

and / or Levy Guarantee Insurance Policies;

4.3 signing all documents and / or affidavits which may be required to prosecute

any claim under the Loan Agreement/s and / or Other Community Scheme

Creditor Contract/s and / or Levy Guarantee Insurance Policies;

4.4 generally, monitor all things which may be necessary or desirable to recover the

Loan from the Community Schemes under the relevant Loan Agreement/s

and / or Other Community Scheme Creditor Contract/s and / or Levy Guarantee

Insurance Policies, including the facilitation of transactions causing the lending

of additional funds for the purposes of recovering and or protecting my / our

interests in the Loan and / or Other Community Scheme Creditor Claim/s;

4.5 entering into and / or signing, on my / our behalf any, agreement between us

and the Community Schemes and / or Arrear Levy Debtors, including, but not

limited to, a new loan agreement and / or an addendum to the Loan Agreement

and / or Other Community Scheme Creditor Contract/s and / or Levy Guarantee

Insurance Policies, which allocates / lends and / or distributes further and / or

additional funds to the Community Schemes and / or Arrear Levy Debtors for

the benefit of and / or on behalf of new or existing creditors, provided that, in

the sole opinion of the Seller, there is sufficient security in terms of the Loan

Agreement/s and / or Other Community Scheme Creditor Contract/s and / or

Levy Guarantee Insurance Policies and / or sufficient security in the value of the

building/s not to prejudice any of my / our rights in the aforesaid Loan

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Agreement/s and / or Other Community Schemes Creditor Contract/s and / or

Levy Guarantee Insurance Policies; and

4.6 trading, or transacting in, any of my / our existing Sales Claims at any time, on

my / our behalf, in the sole and absolute discretion of the Seller, in accordance

with the Loan Agreement/s and / or Other Community Scheme Creditor

Contract/s and / or Levy Guarantee Insurance Policies.

5 I / We acknowledge that this Power of Attorney will, once signed, remain irrevocable

until the Sale Claims have been repaid in totality.

6 I / We acknowledge that I / we have read, understood and agreed the attached

contract and all of the annexures attached hereto, including the Memorandum of

Understanding.

THUS DONE AND SIGNED AT _______________________ ON

THIS ________ DAY OF ___________________ .

________________________________

Name:

THUS DONE AND SIGNED AT _______________________ ON

THIS ________ DAY OF ___________________ .

________________________________

Name:

Preneshen Reddy

11th

Wilgeheuwel

October 2021


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ACKNOWLEDGEMENT OF RECEIPT

1 Documents

1.1 Reserve Form and Memorandum of Understanding;

1.2 Sale of Claims Agreement -

1.2.1 annexures; and

1.2.2 power of attorney;

1.3 Loan Agreement documentation between the Seller and the Community Scheme, including addenda / annexure and / or Other Community Scheme Creditor Contracts and / or Levy Guarantee Insurance Policies and any additional securities (agreement(s) under which the Sale Claims are created);

1.4 Current Community Scheme Loan Statement / Arrear Levy Debtor Statement;

1.5 Copy of the Municipal Valuation of each unit within the Community Scheme;

1.6 Copy of the Deeds Office listing, pertaining to the Community Scheme;

1.7 Google Maps Photo of the Community Scheme (if available);

1.8 GAEL Fund Services (Pty) Ltd documents -

1.8.1 corporate profile; and

1.8.2 Fidelity and Professional Indemnity Insurance Cover (R50,000,000); and

1.9 Financial Services Board notice.

2 Acknowledgement of Receipt

I / We, the undersigned, hereby acknowledge receipt of the documents referred to in 1 pertaining to the Community Schemes and / or Arrear Levy Debtors with and for which I / we have transacted for the Sale Claims, in the form of an electronic client file and electronic supporting documents, and which was provided to me / us by the Seller (registration number 2007/020914/07).

_________________________________ Name: Donovin Edgar Soobramoney

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ANNEXURE E - ILLUSTRATIVE EXAMPLE OF DEFAULT RATE CALCULATION

The below tables and explanatory notes are aimed to provide illustrative examples of the

Powered Wealth and the effects of a breach in terms of this Agreement.

The following examples are based on the following indicative Powered Wealth assumptions:

1. The client elects to purchase Sale Claims with a Purchase Price of R2 000.00 in each

month of the Period; and

2. The Prime Rate stays constant over the period of the illustration.

Table A: Breach rectified in the third month following the breach date

Table A above illustrates an example over a two-year period where the Purchaser breaches its

payment obligation in month 18 and rectifies this breach in month 20 (i.e. catches up with its

monthly payment obligations).

• The Purchaser will earn the full Interest Rate (Prime Rate plus 5.0%) up until the date

of the payment in month 18;

• An Interest Rate deduction of 4.0% will apply to the period from the date of the

payment in month 18 until the rectification date in month 20, which will result in the

Purchaser earning a reduced Interest Rate of the Prime Rate plus 1.0% over this

period; and

• From the date of rectification in month 20, the Purchaser will earn the Interest Rate

(Prime plus 5.0%) until the Loan is repaid, provided that there are no further breaches.

Month Starting BalanceMonthly

purchases Interest rate Interest End balance Month Starting balance Monthly purchases Interest rate Interest End balance

1 R0,00 R2 000,00 12,00% R20,00 R2 020,00 13 R25 618,66 R2 000,00 12,00% R276,19 R27 894,842 R2 020,00 R2 000,00 12,00% R40,20 R4 060,20 14 R27 894,84 R2 000,00 12,00% 298,95 R30 193,793 R4 060,20 R2 000,00 12,00% R60,60 R6 120,80 15 R30 193,79 R2 000,00 12,00% 321,94 R32 515,734 R6 120,80 R2 000,00 12,00% R81,21 R8 202,01 16 R32 515,73 R2 000,00 12,00% 345,16 R34 860,895 R8 202,01 R2 000,00 12,00% R102,02 R10 304,03 17 R34 860,89 R2 000,00 12,00% 368,61 R37 229,506 R10 304,03 R2 000,00 12,00% R123,04 R12 427,07 18 R37 229,50 R0,00 8,00% 248,20 R37 477,697 R12 427,07 R2 000,00 12,00% R144,27 R14 571,34 19 R37 477,69 R0,00 8,00% 249,85 R37 727,548 R14 571,34 R2 000,00 12,00% R165,71 R16 737,05 20 R37 727,54 R6 000,00 12,00% 437,28 R44 164,829 R16 737,05 R2 000,00 12,00% R187,37 R18 924,43 21 R44 164,82 R2 000,00 12,00% 461,65 R46 626,4710 R18 924,43 R2 000,00 12,00% R209,24 R21 133,67 22 R46 626,47 R2 000,00 12,00% 486,26 R49 112,7311 R21 133,67 R2 000,00 12,00% R231,34 R23 365,01 23 R49 112,73 R2 000,00 12,00% 511,13 R51 623,8612 R23 365,01 R2 000,00 12,00% R253,65 R25 618,66 24 R51 623,86 R2 000,00 12,00% 536,24 R54 160,10

Totals R24 000,00 R1 618,66 R25 618,66 Totals R24 000,00 R54 160,10

Year 1 Year 2

R4 541,44

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Table B: Breach rectified seven months following the breach date

Table B above illustrates an example over a two-year period where the Purchaser breaches its

payment obligation in month 9 and rectifies this breach in month 16 (i.e. catches up with its

monthly payment obligations).




payment in month 9 until the rectification date in month 16, which will result in the

Purchaser earning a reduced Interest Rate of the Prime Rate plus 1.0% over this

period; and

• From the date of rectification in month 16, the Purchaser will earn the full Interest Rate

(Prime Rate plus 5.0%) until the Loan is repaid, provided that there are no further

breaches.

Table C: Breach not rectified

Table C above illustrates an example over a two-year period where the Purchaser breaches its

payment obligation in month 15 and does not rectify this breach.





1 R0,00 R2 000,00 12,00% R20,00 R2 020,00 13 R23 268,22 R2 000,00 8,00% R168,45 R25 436,672 R2 020,00 R2 000,00 12,00% R40,20 R4 060,20 14 R25 436,67 R2 000,00 8,00% R182,91 R27 619,583 R4 060,20 R2 000,00 12,00% R60,60 R6 120,80 15 R27 619,58 R2 000,00 8,00% R197,46 R29 817,044 R6 120,80 R2 000,00 12,00% R81,21 R8 202,01 16 R29 817,04 R4 000,00 8,00% R225,45 R34 042,495 R8 202,01 R2 000,00 12,00% R102,02 R10 304,03 17 R34 042,49 R2 000,00 12,00% R360,42 R36 402,926 R10 304,03 R2 000,00 12,00% R123,04 R12 427,07 18 R36 402,92 R2 000,00 12,00% R384,03 R38 786,957 R12 427,07 R2 000,00 12,00% R144,27 R14 571,34 19 R38 786,95 R2 000,00 12,00% R407,87 R41 194,828 R14 571,34 R2 000,00 12,00% R165,71 R16 737,05 20 R41 194,82 R2 000,00 12,00% R431,95 R43 626,769 R16 737,05 R0,00 8,00% R111,58 R16 848,63 21 R43 626,76 R2 000,00 12,00% R456,27 R46 083,0310 R16 848,63 R2 000,00 8,00% R125,66 R18 974,29 22 R46 083,03 R2 000,00 12,00% R480,83 R48 563,8611 R18 974,29 R2 000,00 8,00% R139,83 R21 114,12 23 R48 563,86 R2 000,00 12,00% R505,64 R51 069,5012 R21 114,12 R2 000,00 8,00% R154,09 R23 268,22 24 R51 069,50 R2 000,00 12,00% R530,70 R53 600,20


Year 1 Year 2

R4 331,98



1 R0,00 R2 000,00 12,00% R20,00 R2 020,00 13 R25 618,66 R2 000,00 12,00% R276,19 R27 894,842 R2 020,00 R2 000,00 12,00% R40,20 R4 060,20 14 R27 894,84 R2 000,00 12,00% R298,95 R30 193,793 R4 060,20 R2 000,00 12,00% R60,60 R6 120,80 15 R30 193,79 R0,00 8,00% R201,29 R30 395,084 R6 120,80 R2 000,00 12,00% R81,21 R8 202,01 16 R30 395,08 R0,00 8,00% R202,63 R30 597,725 R8 202,01 R2 000,00 12,00% R102,02 R10 304,03 17 R30 597,72 R0,00 8,00% R203,98 R30 801,706 R10 304,03 R2 000,00 12,00% R123,04 R12 427,07 18 R30 801,70 R0,00 8,00% R205,34 R31 007,057 R12 427,07 R2 000,00 12,00% R144,27 R14 571,34 19 R31 007,05 R0,00 8,00% R206,71 R31 213,768 R14 571,34 R2 000,00 12,00% R165,71 R16 737,05 20 R31 213,76 R0,00 8,00% R208,09 R31 421,859 R16 737,05 R2 000,00 12,00% R187,37 R18 924,43 21 R31 421,85 R0,00 8,00% R209,48 R31 631,3310 R18 924,43 R2 000,00 12,00% R209,24 R21 133,67 22 R31 631,33 R0,00 8,00% R210,88 R31 842,2111 R21 133,67 R2 000,00 12,00% R231,34 R23 365,01 23 R31 842,21 R0,00 8,00% R212,28 R32 054,4912 R23 365,01 R2 000,00 12,00% R253,65 R25 618,66 24 R32 054,49 R0,00 8,00% R213,70 R32 268,18


Year 1 Year 2

R2 649,53

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payment in month 15 until the repayment of the Loan.

***END OF DOCUMENT***

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Cash custodian code: _________ (for office use only) D702

DEBIT ORDER INSTRUCTION - POWERED WEALTH

I, Donovin Edgar Soobramoney (identity number 770211 5132 080), hereby authorise GAEL Fund Services

(Pty) Ltd to debit my account, in an amount equal to R 1,500.00 (One Thousand Five Hundred Rand) on a

monthly basis, on the 5th day of each month, for a period of 60 months, commencing on the 5th day of

November 2021, in terms of my Sale Of Claims Agreement signed and dated on the 11th October 2021 and

specifically Annexure D thereto.

A. Authority

Given by : Donovin Edgar Soobramoney (Identity number 770211 5132 080) (name ofaccount holder)

Address : 71E Weaver CloseOlivedale Ext. 45JohannesburgGauteng2188

Bank : FNB

Account number : 62151019489

Branch code : 250 655

Amount : R1500.00 (10% annual escalation will apply to this amount)

Date of debit order : 5th

To : GAEL Cash Management (Pty) Ltd – Powered Wealth

Name of bank : RMB - RMB Corporate Banking

Trust account no : 6250 4646 566

Branch : Cape Town

Branch code : 204 109

Beneficiary's Address : West Block, Centennial Place, Century City, 7441

This signed Authority and Mandate refers to our contract dated 11th October 2021 ("the Agreement").

I/We hereby authorise you to issue and deliver payment instructions to your Banker for collection against my/ourabove-mentioned account at my/our above-mentioned Bank (or any other bank or branch to which I/we maytransfer my/our account) on condition that the sum of such payment instructions will never exceed my/ourobligations as agreed to in the Agreement and commencing on and continuing until this Authority and Mandate isterminated by me/us by giving you notice in writing of not less than 20 ordinary working days, and sent by prepaidregistered post or delivered to your address as indicated above.

The individual payment instructions so authorised to be issued must be issued and delivered monthly.

In the event that the payment day falls on a Sunday, or recognised South African public holiday, the payment daywill automatically be the very next ordinary business day.

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Cash custodian code: _________ (for office use only) D702

Payment Instructions due in December may be debited against my account on the 5th.

I/We understand that the withdrawals hereby authorised will be processed through a computerised system providedby the South African Banks. I also understand that details of each withdrawal will be printed on my bank statement.Such must contain a number, which must be included in the said payment instruction and if provided to me shouldenable me to identify the Agreement. This number must be added to this form in Section E before the issuing ofany payment instruction.

B. Mandate

I/We acknowledge that all payment instructions issued by you shall be treated by my/our abovementioned Bank asif the instructions have been issued by me/us personally.

C. Cancellation

I/We agree that although this Authority and Mandate may be cancelled by me/us, such cancellation will not cancelthe Agreement. I/We shall not be entitled to any refund of amounts which you have withdrawn while this Authoritywas in force, if such amounts were legally owing to you.

D. Assignment

I/We acknowledge that this Authority may be ceded or assigned to a third party if the Agreement is also ceded orassigned to that third party, but in the absence of such assignment of the Agreement, this Authority and Mandatecannot be assigned to any third party.

Signed at Wilgeheuwel on this 11th day of October 2021

Signature :

Client Name : Donovin Edgar Soobramoney

Signature :

Witness Name :

________________________________

On behalf of GAEL Fund Services (Pty) Ltd

E. Agreement Reference Number

This Agreement reference number is D702 (D Soobramoney).


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